Cap. 395 Art. 48Additional tax and interest.

(1) Any person who, being required to apply for registration under this Act, makes such an application after the expiration of the time laid down in article 24, shall be liable to additional tax in an amount equivalent to the higher of -

(a) two per cent of the tax due, if any, for the first tax period following registration; and

(b) forty-six euro and fifty-nine cents (46.59) for every month or part thereof that elapses from the date on which the application should have been made in terms of the said article and the earlier of the date on which the registration is furnished to the Director and the date when that person is registered by the Director.

(2) Any person who, being required to furnish a tax return for a tax period, furnishes that return after the expiration of the time laid down in article 31, shall be liable to additional tax in an amount equivalent to the higher of -

(a) two per cent of the tax due, if any;

(b) forty-six euro and fifty-nine cents (46.59) for every month or part thereof that elapses from the date on which the tax return should have been furnished in accordance with this Act and the date when it is furnished to the Director.

(3) Where an assessment is made for a tax period in the circumstances referred to in article 42, additional tax shall be due for that period in an amount equivalent to twenty per cent of the under-declared tax.

(4) Where a tax return furnished to the Director by a registered person for a tax period contains an understatement of the tax due and that person makes a disclosure of such an understatement tax) which is not paid by the date on which it becomes payable in accordance with this Act, at the rate of one per cent for each month or part thereof during which the said tax remains unpaid or at such other rate as may be prescribed.